Continuing economic headwinds have not blown the Swiss watchmaking industry off course, with exports rising by 6.8% in April to over CHF 2 billion.
For the first four months of the year, worldwide exports have risen by 10.5% compared to the same period in 2022.
The red hot American market registered its first annual fall, with exports dipping by 4.9% to CHF 307 million in April.
This was more than compensated by exports to China more than doubling to CHF 202 million in the month.
Exports to the UK rose by almost 10% in April to CHF 135 million, maintaining its position as the fifth largest market in the world for the Swiss.
Countries in the Gulf have been growing strongly. Exports to the UAE rose by 12%, making it the eighth largest market in the world.
Saudi Arabia is in 13th place in the world, with exports rising by 21% for the first four months of the year.
There was a surprising reversal in the strength of lower priced sector compared to the luxury end of the market.
Watches priced at less than CHF 200 saw year on year growth of 26.2% by value in April while the over CHF 3,000 segment rose in value by just 7.5%.
For the year to date to the end of April, exports to the US rose by 10.2%, China is up 14.6%, Hong Kong is plus 28.1% and the UK’s bump is 9%.
2022 was a record year for Swiss watch exports, which nudged CHF 25 billion.
This year, for the first four months of 2023, exports have been rising by over 10%.
